Core Insights - Douyin e-commerce platform has initiated actions to shut down unauthorized stores selling Moutai products, particularly focusing on those using the "Moutai" name, in response to complaints about low-priced Moutai being marketed as genuine [2][3][5] - The price of 53-degree Flying Moutai has stabilized at around 1700 yuan and above after a period of low pricing, indicating a potential end to price erosion [2][5][8] - The recent actions by Douyin are seen as a response to market pressures and may be influenced by Moutai's new leadership, which aims to stabilize the pricing and distribution channels [7][9][10] Douyin's Actions - Douyin has been actively removing links to low-priced Moutai products, with over 100 abnormal low-priced listings taken down and 52 merchants restricted [3][4] - The platform's crackdown coincided with the end of the "Double 11" shopping festival, during which some merchants sold Flying Moutai at prices as low as 1288 yuan, significantly below market rates [5][6] - Despite the crackdown, some accounts continued to promote low-priced Moutai, indicating ongoing challenges in controlling pricing and authenticity [5][6] Moutai's Pricing Strategy - Moutai's pricing has been volatile, with wholesale prices dropping below 2000 yuan earlier this year, but recent data shows a recovery with prices around 1655 yuan for scattered bottles [8][10] - The company has been tightening its control over online sales channels, with a significant increase in authorized online stores, while also removing several unauthorized ones [9] - Moutai's new leadership has emphasized the importance of maintaining a stable channel ecosystem and pricing structure to protect brand integrity and dealer interests [7][9] Market Implications - The actions taken by Douyin and Moutai are aimed at preventing price erosion and protecting the brand's market position, which could lead to a more stable pricing environment in the future [6][10] - Analysts suggest that the tightening of supply and control over pricing may lead to an increase in Moutai prices ahead of the Spring Festival [10]

Core Viewpoint - Guizhou Moutai achieved revenue growth in a challenging white liquor industry, with total revenue of 130.9 billion yuan and net profit of 64.6 billion yuan for the first three quarters of the year, marking a year-on-year increase of 6.32% and 6.25% respectively [1] Group 1: Financial Performance - In Q3, Guizhou Moutai's revenue reached 39.81 billion yuan, a slight increase of 0.35% year-on-year, while net profit attributable to shareholders was 19.22 billion yuan, up 0.48% [1] - The company is one of only two among the top six liquor companies to achieve both revenue and net profit growth amid industry-wide pressures [1] - For the first three quarters, Moutai's liquor product revenue was 110.51 billion yuan, a 9.28% increase, while series liquor revenue was 17.88 billion yuan, a decrease of 7.78% [3] Group 2: Industry Challenges - The white liquor industry is undergoing a deep adjustment, with companies facing pressures from changing consumer habits and mismatched business models [2] - Moutai's contract liabilities decreased by nearly 2 billion yuan compared to the beginning of the year, raising investor concerns about future performance [2] - The company is actively addressing channel pressures and enhancing channel resilience to maintain a healthy market environment [2] Group 3: Strategic Responses - Moutai is focusing on stabilizing channels and optimizing product placement strategies, with a shift towards a more scientific and precise distribution model [2] - The company is implementing policies to stimulate terminal sales and alleviate channel pressures, particularly for series liquor products [3] - Moutai is committed to maintaining a stable market environment in Q4, emphasizing the importance of channel resilience [3] Group 4: Online Market and Brand Protection - The rise of e-commerce has created challenges, including the circulation of counterfeit products and price volatility [4][6] - Moutai is working with e-commerce platforms to establish channels for reporting counterfeit products and is actively promoting official purchasing channels to consumers [5] - The company is addressing the "return liquor" phenomenon by strengthening market control and temporarily suspending supply to certain channels [6]